MUMBAI: Aditya Birla Group-owned UltraTech's is expected to complete its acquisition of Jaiprakash Associates' cement plants within the next one year, group chairman Kumar Mangalam Birla said at the 16th annual general meeting of the company on Tuesday.

"The directors have also approved a scheme of arrangement between UltraTech, Jaiprakash Associates Ltd, Jaypee Cement Corp Ltd and their respective shareholders and creditors for the acquisition of cement plants of a total capacity of 21.2 mt at an enterprise value of Rs 16,189 crore," Birla said. "The scheme is subject to regulatory approvals. We expect it to be consummated in next 12 months," he said.

Once the acquisition of plants in Madhya Pradesh, UP, Himachal Pradesh, Uttarakhand and Andhra Pradesh is completed, Ultra-Tech's cement capacity will stand augmented to 91.1 mtpa including its overseas operations, Birla said.

In a muted year for the cement industry, UltraTech posted a consolidated net profit of Rs 780 crore in quarter ended June, up 29% from Rs 604 crore a year earlier. Focus on core development, smart cities, roads, etc., along with good monsoon boosting rural economy, are expected to drive cement demand this year, Birla said.